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Archer Daniels Midland Company or ADM, an American food processing company, announced on Monday, Dec. 18, that it is set to acquire the Wisconsin-headquartered Revela Foods, a diversified food ingredients firm.
According to Reuters, ADM is buying the dairy flavor ingredients developer and manufacturer to boost its product line of flavors. It was noted that the acquisition comes as the company has been continuously branching out its business beyond its regular grain-handling business.
ADM's Business Expansions for Flavor Business
As part of its diversifying move, ADM has expanded its flavors and nutrition food portfolio in recent years. To further broaden its flavors business, it has been buying flavor companies since it acquired WILD Flavors for $3 billion in 2014.
ADM's president of the nutrition unit, Ian Pinner, said that their company's flavors business is an integral part of their nutrition growth strategy. He confirmed that they are continuing to add more to their flavors list to make sure that ADM will remain the partner of choice for most customers worldwide.
Acquisition of Revela Foods
ADM said that its purchase of Revela Foods can offer its customers more flavor solutions. It added that with the latter's estimated sales of nearly $240 million this year, it would put in new capabilities to the firm's global flavors portfolio in the multi-billion international dairy flavors segment.
"Revela has built a strong business around its unique range of dairy flavor ingredients and solutions for customers spanning major brands, retailers, and food service," AMD's global flavors president, Calvin McEvoy, said in a press release. "ADM has a strong presence in the North America savory flavors segment and we are excited to work with the impressive Revela team to expand our opportunities there."
Revela's chief executive officer, Terry Schneider, also expressed anticipation with the partnership deal with ADM by saying, "We are excited to partner with ADM to further Revela's reputation as an innovative, turnkey provider of dairy flavor ingredients and solutions. We believe joining the ADM family will allow us to offer even broader solutions to our customers and will provide our employees with even greater opportunities for advancement."
Meanwhile, the acquisition deal between ADM and Revela Foods is expected to be completed in early 2024. The former did not disclose any financial details related to its purchase of the food ingredients company.
Photo by: ADM Press Release
